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The financial and legal drama in the national trucking industry continues as YRC Worldwide announces an “agreement in principle” that gives the almost bankrupt company until July 2011 to restructure debt.
Failure of YRC would place Fort Smith-based ABF Freight System at the top of the national less-than-truckload market.
Overland Park, Kan.-based YRC narrowly avoided bankruptcy in January 2010 through a complex bond swap agreement with creditors. The less-than-truckload company had piled up a mountain of debt with the $1.07 billion acquisition of Roadway Corp. in 2003 and the $1.23 billion acquisition of USF Corp. in 2005.
Failure to restructure the debt would almost certainly result in a bankruptcy that could benefit ABF Freight System to the tune of about $76 million in the first year following the bankruptcy, according to Jack Waldo, a transportation sector analyst at Little Rock-based Stephens.....................
ABF competitor gets another lifeline | The City Wire
Failure of YRC would place Fort Smith-based ABF Freight System at the top of the national less-than-truckload market.
Overland Park, Kan.-based YRC narrowly avoided bankruptcy in January 2010 through a complex bond swap agreement with creditors. The less-than-truckload company had piled up a mountain of debt with the $1.07 billion acquisition of Roadway Corp. in 2003 and the $1.23 billion acquisition of USF Corp. in 2005.
Failure to restructure the debt would almost certainly result in a bankruptcy that could benefit ABF Freight System to the tune of about $76 million in the first year following the bankruptcy, according to Jack Waldo, a transportation sector analyst at Little Rock-based Stephens.....................
ABF competitor gets another lifeline | The City Wire